What Fueled Parking Management Market?
The parking management market has seen considerable growth due to a variety of factors.
• Recent years have witnessed robust growth in the size of the parking management market. The market is expected to expand from $3.78 billion in 2024 to $4.09 billion in 2025, marking a compound annual growth rate (CAGR) of 8.1%.
The acceleration during the historic era can be largely tied to factors such as urbanization, population growth, governmental smart city initiatives, elevated worries about traffic jams, an uptick in vehicle ownership, and initiatives for environmental sustainability.
What Is The Forecast For The Parking Management Market By 2029?
The parking management market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions foresee a solid expansion for the parking management market in the upcoming years, with an increase to $5.96 billion projected for 2029, implying a compound annual growth rate (CAGR) of 9.9%.
The marked escalation during the forecasted timeframe can be linked to the rise of autonomous vehicles, data analytics, predictive parking methods, regulatory adherence, and parking strategies. Key trends within this forecasted era include the incorporation of intelligent technologies, enhancements in payment mechanisms, touch-free payment systems, and eco-friendly solutions.
What Are The Leading Drivers Of Growth In The Parking Management Market?
The escalating need worldwide for the best use of parking spaces is a key factor propelling the progress of the parking management market. The rise in vehicular numbers in this period is causing parking space mismanagement globally. The entities in charge of parking areas are steadily putting more money into top-tier parking management solutions, aiming for the most beneficial business outcomes and seamless operations. For example, Parking Network, a statistics firm from the Netherlands, noted in August 2022 that 50 to 70% of land in major centers and non-residential areas has been allocated for parking. This contrasts with the global residential average of 35%. In the US, there is a ratio of 8 parking spots per vehicle. As a result, the increasing desire for maximum parking space utilization is expected to drive up the demand for the parking management market in the forecasted period.
How Is The Globa Parking Management Market Divided Into Key Segments?
The parking management market covered in this report is segmented –
1) By Solution: Access Control, Security & Surveillance, Revenue Management, Parking Reservation Management, Valet Parking Management, Other Solutions
2) By Parking Site: On Street, Off Street
3) By Application: Transport Transit, Commercial, Government
Subsegments:
1) By Access Control: Barrier Gates, RFID Solutions, License Plate Recognition Systems
2) By Security And Surveillance: CCTV Cameras, Video Analytics, Monitoring Systems
3) By Revenue Management: Pricing Optimization Tools, Payment Processing Systems, Reporting And Analytics
4) By Parking Reservation Management: Online Booking Systems, Mobile Apps For Reservations, Integration With Navigation Systems
5) By Valet Parking Management: Valet Tracking Systems, Fleet Management Solutions, Customer Management Tools
6) By Other Solutions: Parking Guidance Systems, Data Analytics Platforms, Maintenance Management Solutions
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What Trends Are Reshaping The Parking Management Market?
Leading businesses in the parking management industry are employing a strategic partnership model to offer tailored, brand-specific applications intended to improve the ease of use and harmonize parking processes. Such strategic alliances involve companies taking advantage of each other's robust attributes and resources to attain shared benefits and triumphs. For instance, Nationwide Parking Services, a US-based parking solutions provider, entered into a partnership with Get My Parking, a US-based tech company, in May 2024. Their goal via this collaboration is the creation of pioneering solutions that revolve around a purpose-specific app, the NWPRK app, which is developed to uplift the parking experience for users nationwide. This app presents users with a smooth procedure to locate, reserve, and pay for parking at several amenities, thus adding to their convenience through features like real-time availability and digital payments. Furthermore, the app offers a contactless experience through text alerts for ending sessions, permitting users to prolong their parking duration remotely via their phones.
Who Are the Key Players in the Parking Management Market?
Major companies operating in the parking management market include:
• Bosch Group
• Siemens AG
• IBM Corporation
• SAP SE
• Atos SE
• DEPLOT
• Xerox Corporation
• Globe Group Indigo
• Flowbird Group
• SWARCO
• Amano Corporation
• SKIDATA
• Precise Parklink
• IPS Group
• Inrix Inc.
• Q-Free ASA
• Chetu
• Passport Labs Inc.
• SpotHero
• Nex Valet LLC
• FlashParking Inc.
• Streetline
• TIBA Parking
• ParkMobile LLC
• T2 Systems
• Get My Parking
• Bond Traffic Solutions
• Cleverciti Systems
• Robotic Parking Systems Inc.
• Infocomm Group LLC
What are the Regional Insights into the Parking Management Market?
North America was the largest region in the parking management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the parking management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
